PBOC stresses prudent monetary policy for 2012
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Xinhua, December 31, 2011
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China's central bank said Saturday it will continue the prudent monetary policy and maintain the continuity and stability of its policies.
The People's Bank of China (PBOC) will give full play to the counter-cyclical function of macro-prudential policies and properly handle the intensity, pace and focus of macro-control, Governor Zhou Xiaochuan said in a new year's address to the bank staff.
He reiterated the line of making the macro-control more targeted, flexible and forward-looking in 2012.
"Systematic financial risks will be effectively prevented to promote the healthy and fast development of the national economy," Zhou said.
While keeping a reasonable social financing growth, the bank will also optimize the lending structure, deepen financial reforms and improve foreign exchange management, he added.
China's economic growth has slowed all year to hit 9.1 percent in the third quarter but remains above the global average.
Earlier this month, the PBOC cut banks' reserve requirement ratio (RRR) by 50 basis points -- the first decrease in three years -- to ease a liquidity strain as inflation softened.
To rein in runaway inflation, the PBOC has hiked banks' RRR six times and the benchmark interest rate three times this year.
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